Taxation-AW-Q331 online

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Exercise 1

For the following transactions, determine whether they are allowable deductions or not for tax purposes

Express Ltd obtains a loan to purchase a new courier car for their business and incurs interest on the loan totalling $25,000.

Nicola is an employee of Express Ltd and incurs petrol costs on driving to and from work.
Rebecca is reviewing her accounts receivable for the income year and concludes that 5% of the total debts, being $2,500, should be classified in the accounts as doubtful debts.

Phone Co Ltd incurs legal costs in attempting to takeover Telecom.

Exercise 2

Part A

When are the following receipts (Income) taxable and payments (Expense) deductible for income tax purposes?

Receipts/payments	Answer
Accident compensation payments
Accountancy fees paid
Advertising
Bad debts expected to be written off (doubtful debts)
Bad debts written off
Compensation and damages received
Demolition of a building
Depreciation
Dividends received from a foreign source
Dividends received from a NZ source
Entertainment expenses (dinner with clients)
Fringe benefits provided
Fringe benefit tax paid on benefits provided to staff
Goods and services tax received and paid
Goodwill paid on the sale and purchase of a business
Hobby income
Home office expenses
Insurance premiums paid
Interest paid
Interest received from a foreign source
Interest received from a NZ source
Legal expenses paid
Loose tools purchased
Rates paid on business premises
Repairs and improvements
Research and development expenditure paid
Rental losses
Salaries and wages paid to staff
Salaries, wages and bonus paid to staff after balance date for a pay period ending before balance date
Salary paid to shareholder-employee of family company
Sales of goods, including sales not paid as at balance date
Sales of services, including sales not paid as at balance date
Sub-contractors paid
Vehicle running expenses
Wages paid to spouse for office work

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Part B

State which or what part of the following expenses are deductions.

Expenses/Payments	Answer
An amount paid to a solicitor for preparing a business partnership deed.
The travel expenses of a self employed lighting engineer who travels overseas to purchase some new equipment.
The costs incurred by a freight forwarding company in reconstructing a public access road, converting it from a gravel road to charcoal road.
Newspapers purchased by an accountant who advises clients on financial and investment matters.
The cost of food and veterinary services in respect of three dogs used by a towing firm as watch dogs.
The payment of a pension to the widower of a deceased employee seven months after her death.
Payment of fines by a trucking firm imposed for exceeding its authorised loads under the Transport Act 1962.
Costs of revaluing assets to adjust insurance cover.
Wages to the spouse of a managing director for secretarial duties performed.
The travel costs of an Auckland accountant, travelling to take up a winter job as a ski instructor.
Penalties for late payment of provisional tax.
Demolition costs of the old office block (not a temporary building).
Accident compensation levy.
The cost of erecting a hoarding for advertising the company’s products.
Cost of installing a leased computer.
The legal costs incurred in acquiring the lease of new premises.
The cost of demolishing a temporary building erected by a builder on a construction site.
Legal costs associated with a contract to purchase trading stock

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